Get all your questions and concerns about a reverse mortgage in Los Angeles with help from SeniorBankServices.com
(PRWEB) August 22, 2012
Los Angeles reverse mortgages may get a little easier to understand due to the efforts of SeniorBankServices.com. Homeowners age 62 or older and have paid down a home mortgage or better yet paid off a home and are currently occupy the home, may apply for FHA's Home Equity Conversion Mortgage (HECM) program. The HECM is FHA's reverse mortgage program that enables the approved individual senior to withdraw some of the cash from the home. The senior can choose how to withdraw the equity, whether in a fixed monthly amount or a line of credit or a combination of the two. Seniors can also use a HECM (Home Equity Conversion Mortgage) to purchase a primary residence if the Individual is able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus any closing costs for the property being purchased.
The amount that can be obtained by each senior approved for reverse mortgage in Los Angeles will be different. Reverse mortgage Los Angeles lenders base this amount on the homeowner’s age, the current rate of interest, and the estimated value of the property. An appraisal of the home must be completed before the lender can give an exact figure. An individual’s age plays a factor in the decision making process because the term of the loan does not expire. A senior could be approved for the loan at the age of 70 and, if that person is still alive at age 99, they could still be receiving payments. Reverse mortgage Los Angeles specialists agree that this is one of the reasons that the option is becoming more and more popular among residents in Los Angeles. The fact that property owner could be receiving cash each month for the rest of that person’s life definitely makes it a hard offer from the reverse mortgage Los Angeles lender a smart choice for some. Most Los Angeles residents will use the most common type of reverse mortgage which is a Home Equity Conversion Mortgage, also known as a HECM reverse mortgage. HEMCs constitute approximately 90 percent of the market for this type of loan and Los Angeles is no exception. A HECM reverse mortgage is insured by the FHA, which implemented the program in 1989. Step one of obtaining a reverse mortgage is the reverse mortgage Los Angeles lender is examining the current client’s situation. While the homeowner applying does not need to own the property free and clear, the home does need to be in a condition that would deem it as lendable to a reverse mortgage Los Angeles lender. If the house needs of a lot of repair or has too much damage, it may not qualify under the terms of the reverse mortgage Los Angeles lender. The reverse mortgage Los Angeles lender will offer this type of loan on many different types of homes. However, the home must be your primary residence. For example, if you currently own a multi-unit building, you could still qualify, according to the reverse mortgage Los Angeles experts, as long as one of the units your permanent or primary residence. Senior Bank Services works with many reverse mortgage affiliates, and offers personal consultations for seniors that are considering applying for a reverse mortgage in Los Angeles California. The company is offering one on one consultations to interested seniors in the Los Angeles area.To read more about the reverse mortgage Los Angeles lender visit, http://www.seniorbankservices.com/
Many seniors are interested in staying in their own home and are trying to avoid a nursing home care. To say the least, these expenses can be sometimes be overwhelming. To cover the costs of staying in the home, the Federal government set up a program called the Home Equity Conversion Mortgage under the Fair Housing Administration
To help consumers understand how a qualified individual could turn the home into cash while still living there for decades, the government enlisted the help of programmers to make the first reverse mortgage calculator. Today, this tool is used to make the dreams of seniors come true and shows them how to receive up to $625,000 maximum in home equity. There are borrower and property eligibility requirements that must be met. Interested parties can use the link below for proper use of a reverse mortgage calculator to check qualifications. If the person meets the eligibility criteria, then complete a reverse mortgage application by contacting a FHA-approved lender through SeniorBankServices.com. Interested seniors can also search online for a FHA-approved lender. The lender will to discuss other requirements of the HECM program, the loan approval process, and repayment terms. To find out about how to use a reverse mortgage calculator to determine payments or to speak with a reverse mortgage expert, call (888) 217-6222
Professional SEO consultants promote the reverse mortgage Los Angeles lender online to help assist the company with internet marketing promoting the message about how important it is to use a reverse mortgage Los Angeles specialist if someone is considering applying for a reverse mortgage. SeniorBankServices.com continues its web presence by offering a one on one consultation at the office, or to visit the senior’s home and explain the process, and regularly posts reverse mortgage information on the company blog and social media pages. This information along with free consultations the company hopes to attract more Los Angeles California residents looking for a reverse mortgage. To read more on the company’s reverse mortgage Los Angeles Facebook page visit, http://www.facebook.com/ReverseMortgageLosAngeles
About the Company: SeniorBankServices.com is a nationwide reverse mortgage information website that offers reverse mortgage information and connects prospective clients to qualified licensed reverse mortgage brokers and lenders to homeowners in Los Angeles California and throughout the United States. The company and its partners follow all rules and regulations regarding reverse mortgages. To learn more about the reverse mortgage San Diego service or a reverse mortgage Los Angeles lender, visit the company website, http://www.seniorbankservices.com/reverse-mortgage-los-angeles/